The Value of Strategic Alliances

I believe based on several interactions with people that the true value of strategic alliances is far from completely understood by many marketers out there today and indeed the main objection raised to why it shouldn't be attempted is at best, overly cautious and at worst just plain wrong.

 That objection being that the process somehow cheapens the quality or purity of the brand. Is this possible? The answer is, yes as anything is possible. However the real question is, how likely is it to happen if the right brand is chosen as a counter point to your own?

The answer to this second question is very unlikely and indeed decades of reputable data and first hand experience clearly shows that when the right process is followed not only is there no diminishment, but there is usually an appreciable synergy that further augments both brands or companies participating in the partnership.

In an ideal world partners should look for other brands that have the same or similar positioning in the market, that are complimentary and yet non competitive with each other and equally importantly, that share the same values as a firm as a key predictor of market activity and conduct.

When you identify such a partner (Step 1) and follow the subsequent steps outlined above, the odds will always be in your favor. Be proactive, think strategically and above all be brave enough to explore an option that will take you beyond your current reach.

So to all the marketers out there who aspire to more, good luck and good marketing.

Regards,
Daniele.

 

How Honest Do We Need To Be In Sales

This week I got asked another very interesting question during a selling skills workshop that I believe is certainly worth discussing here.  Namely 'how honest do you need to be in sales when it comes to talking about the opposition's products?'

Perhaps your not going to be surprised when I write that the answer is yes you do need to be honest about all communications with prospects and customers alike on ethical grounds. However just for a moment put ethics aside, what is the other compelling reason to show honesty and integrity when it comes to what you say but other rival options to customers.

Simply put, the fact remains that people use products for a reason or reasons
which in my experience are normally more than reasonable and represent the areas of customer satisfaction and met aspects of their customer need.

An important component of selling discussions with clients is to find out:
1. What they are using and
2. Why they like it

Once you have this information sadly too many sales people give into the temptation of being critical of the choice that the potential customer is currently making.  How do I put this succinctly?
Don't be scared to admit the truth about rival firms as it will do nothing but raise your credibility and position you as an honest broker which is a must to eventually sell to anyone.

Assuming the reasons the person has given you to use the product are reasonable, admit it as such and acknowledge the utility these features provide. As I said earlier not only does this provide 'street cred'
but it also makes the customer feel better about themselves for making a wise choice.

Job well done and now you can move on to those aspects that the current product option is not well performed which will open up an opportunity for you and your product.  So again don't worry about not acknowledging the positives.  Simply be truthful, concise and transparent. The fundamentals that drive all long term successful business communication.

And until next time, good luck and good marketing.

Regards,
Daniele.

Microsoft and Nokia form a Third Mobile Marketing Powerhouse

Nokia and Microsoft have now completed a major $8 Billion dollar merger that has created a major player in the mobile marketing space.

 As recently as a few weeks back you may remember we reported in a recent blog that the talk around town was that Microsoft was thinking about buying Blackberry's parent company: Research In Motion (RIM), and yet here we are with a massive new player on the world mobile marketing arena.

During a press conference at its annual investor meeting, the Nokia CEO Stephen Elop and and Microsoft's Steve Ballmer announced that Nokia will discard its current operating systems Symbian and Meego for Microsoft Windows Phone 7.

Clearly this strategy is designed to proactively take on the might of both Google Android and Apple who currently dominate the mobile market.

"We think this will make a three-horse race," Elop said during a press conference. "It's good for Nokia and it's good for Microsoft. It allows us to move far faster than we could otherwise." Nokia CEO Stephen Elop, let, and Microsoft CEO Steve Ballmer explained their company's new tight alliance for mobile phones at an analyst and strategy meeting in London.

The companies  now have plans to build products and services together as well as share strategic plans. The vision is to create a "third ecosystem" that can compete directly against Apple's iOS and Google's Android platforms.

It should prove to be quite interesting to see how quickly these two giants can begin producing cutting edge market offerings that force the other major players to react. It should be a lot of fun to see this ongoing battle develop.

So until next time, good luck and good (mobile) marketing.

Regards,
Daniele.

A Federal Election - The Ultimate Addition to a SWOT Analysis

OK let me come clean right up front before I get into this week's blog post and tell you that I've been looking for any excuse to get you all to do , redo and routinely update your SWOT analysis.  And let's face it there is no better example than being on the verge of a Federal election.

It has to be the definitive example of an market factor which depending on your perspective will either be the most significant opportunity or threat.

Look at the criteria. It is an external factor, over which your organisation or firm has no legitimate control and which will almost certainly impact on your business in a meaningful way depending on who wins on the day.

So what updates will you make this week to your SWOT analysis and how will Labor regaining power or the Liberal's winning power effect you good or bad?

Quite simply this post is not political in the strict sense and its aim is purely to bring into sharp focus to continually review and update the most neglected and underutilised weapon in our business arsenal, the SWOT analysis.

So regardless of who you vote for and be sure you do vote, make sure you are perennially thinking about what it will mean to you and what you need to do either way as a result.

And until next time, good luck, good voting  and as always, good marketing.

Regards,
Daniele.

Does Social Media Replace the Marketing Planning Process

I recently took a group of students in a VECCI  Social Media seminar, and one of the points that I  very much wanted to emphasize with the group was that Social Media is not a replacement for the Marketing Planning Process (MPP) but rather a way to augment it even further.

 
  The MPP as described above is a methodical and logical methodology to guide a business or brand from one point to another, whilst both minimising risk and maximising the potential for sales and profitability long term.

The great news of course is that with the ever expanding range of social media platforms and modalities, not only can it help a business do its marketing planning, but it can do so at each stage of the MPP process.

Stage 1. Where are we know.  Social media can obviously tell you a lot about about how people see you today and your product offering. Is this where we wish to be positioned or is there some serious adjustment required.  Sentiment analysis for example will provide some clarity on this point.

Stage 2. Where are we going. No marketer has a crystal ball of course, but what we can do is look at current trends and by projecting that trajectory forward, we can in effect make educated guesses at what the future may hold for our business or brand. Again, looking at any number of research tools such as Survey Monkey as an example, we can ask clients and prospects what their intention to purchase is in the next 3 or 6 months.  Remember that your real value is much more linked to your future value not your past value.

Stage 3. Vision Statement. Aspirational and certainly out of our reach today but what we want to achieve anyway. Hopefully for an intelligent firm there will be a strong correlation between this and the unmet customer needs for your target market group. Again by listening in on your market using tools such as Board Tracker you will know what people, think, want and don't want.

Stage 4. Action Plans. Deciding how you are going to get there. Surely it makes sense to again align your broad strategy and specific tactical decisions on what your market wants, needs, desires, etc.
Again a plethora of tools exists to guide a business here and none better than Google Insights which is still tragically underused by so many businesses in the planning process but hopefully not by you.

In the end, Social Media can certainly amplify the signal in the MPP, but it still needs to be done and reviewed regularly to be and stay relevant to your market and business. And of course there's no better time to start than today.

If you'd like to attend a VECCI Social Media Seminar just go to the VECCI website at:    http://www.vecci.org.au  and Check for the next date that suits you, and until next time, good luck and good marketing.

Regards,
Daniele. 

What Information Do You Need to Put Effective Mailing Lists Together

Marketing Sherpa this week as part of its weekly chart showed the results of its Email Marketing Benchmark Study that asked 347 businesses what information they would typically try to obtain from customers as the basis for putting a mailing list together.

Not surprisingly all the businesses required the customers email address which is obviously the means by which the business would communicate with them. What was surprising was that only 70 percent of the same sample required that the respondents also provide their names.

Beyond these first two fields, the remaining fields quickly dip and were only mandatory for 35% or less  of the respondents. 

The reality is people don't like giving away too much information when they don't have to so the lesson here as witnessed by the results of the study, is that the business should initially only seek minimum amount of data (i.e. email and name).

Once this initial stage is successfully completed, the other desirable data fields can be asked for and obtained at a later point, as the relationship continues and is consolidated.

So to effectively build mailing lists, remind yourself of the words of that famous Frank Sinatra song, 'Nice and easy does it every time.'

And until next time, good luck and good marketing.

Regards,
Daniele.

 

Blackberry. Say It Isn't So

Wow. How ironic that only a couple of weeks after the recent post on how Blackberry had fallen behind on what the market was doing and by extension what the market wanted, I heard the news this week that the parent company is trying to sell Blackberry off.

I think by now most of the readers will know I'm a long time Blackberry user and have none the less been acutely aware of their failings in recent time to deliver the type of quality the market demands.

In fact in very recent times understanding how far behind they have fallen, Blackberry have tried hard to save itself with a much improved latest offering in the way of its Blackberry Z, which has a better everything compared to the Blackberry Bold 9900 it replaced including a new and improved operating system. Despite this, the model has had little impact on market share and the firm is looking for a buyer.

There is some discussion around the traps that Microsoft may be a potential buyer with some interest based on Blackberry's ability to build phones which can not be doubted.  Let's hope such a buy takes place because Microsoft are first and foremost great marketers, and I can only imagine what they could do with it.

Still all in all a sad announcement and again a cautionary tale for all firms to keep current and work hard on your SWOT analysis to ensure that your brand stays up to date and relevant in your market place.

So until next time, good luck and good marketing.

Regards,

Daniele.